The multi-agency taskforce cracking down on organised crime on Australia's waterfront has arrested and charged a Sydney man over the supply of five kilograms of cocaine, estimated to be worth $1.8 million on the street.

The Australian Federal Police-led taskforce Polaris arrested a 33-year-old Breakfast Point man on Wednesday afternoon in a Merrylands street after what a police source described as a “short investigation”.

The police source said they will allege the man has “extensive outlaw motorcycle club and organised crime links”.

“We will allege he has been making regular trips to South America,” he said. "He has allegedly been pretty active and popped up as part of our previous investigations of the waterfront."

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The man is likely to be charged with further drug and firearms offences, he said.

NSW police raided the man's Breakfast Point home on Wednesday afternoon and allegedly discovered five kilograms of cocaine. Another warrant was executed at a Hinchinbrook residence where more drugs and firearms were allegedly seized.

The man is expected to face Fairfield Court on Thursday.

In July 2010, Home Affairs Minister Jason Clare announced that taskforce Polaris would be set up with 49 criminal investigators and intelligence analysts to dismantle organised crime networks that had infiltrated Australia's waterfront.

The Polaris taskforce involves the Customs Service, the NSW Crime Commission, NSW Police and associated agencies and has so far arrested Sydney waterfront workers and their associates for a range of offences including illegal gambling, tobacco smuggling and drug distribution.

Last month, Mr Clare said the Federal government would investigate ways to reduce the spate of Sydney shootings and proliferation of illegal firearms being used by criminals